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Plans for an 11-story office building on the South Boston waterfront were approved Tuesday night by the board of the Boston Redevelopment Authority, bringing it one step closer to fruition.

The new building, at 1 Channel Center off of A Street, would cost about $225 million and contain about 525,000 square feet of space. It is scheduled to be completed by February 2014. The office space would be leased by State Street Bank & Trust Co.

Boston officials plan to give State Street $11.5 million in tax breaks as part of the plan. The BRA will consider whether to approve the tax break at a meeting next month.

Such tax breaks have raised questions among some watchdogs, who say companies will come to expect such special treatment.The city says the breaks are necessary to encourage firms to expand in the so-called Innovation District.

Because the entire project is under Planned Development Area zoning, it will require final approval from the Boston Zoning Commission.

The building will be divided with a lit glass plane and a pedestrian walk-way that will cut through the building to a park that is slated to be constructed on the corner of A Street and West First Street.

The other components of the project include the construction of a nine-story 970-space above-grade parking garage and two parks, one of which is approximately 1.6-acres.

At a community meeting in May, consultants with the development team said the garage’s eastern side will be wrapped with a graphic, designed by a local artist. The western side of the structure is also proposed to be wrapped in a graphic to soften the garage’s structure and appearance.

At the May meeting, many expressed concern about the parking structure, its size, and the lack of community input in the design of the two parks.